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Stock

Ades Holding

2382.SR
54
Oil & Gas Drilling · Energy
Price
17.82 SAR
+0.02 (+0.11%)
Market Cap
19.68B SAR
Exchange
Saudi Exchange
Winston Score
54
Winston is curious
Mixed quality — meaningful strengths and weaknesses.
Data as of Sep 5, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Good
Growth
Good
Cash Flow
Strong
Stability
Weak
Valuation
Strong
Dividends
Mixed

Share count rising — dilution

+28.4% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 858.1M (2021) → 1.10B (2025)

§Winston Score History

The full picture

ADES Holding Company, through its various subsidiaries, specializes in providing a comprehensive suite of oil and gas drilling and production services throughout the Middle East and Asia. The company's core operations are divided into offshore and onshore segments. For its offshore clients, ADES offers drilling, well maintenance, and mobile offshore production unit (MOPU) production capabilities, supplemented by shipboard support services such as accommodation and catering. On the onshore front, the company delivers drilling, general maintenance, and extensive repair services. Founded in 2016, ADES Holding Company maintains its headquarters in Al Khobar, United Arab Emirates.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+36.4% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

-29.4% YoY

YoY Growth Rate

Earnings declining

R&D Spend

0 SAR/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Cash Runway

~3 years

2.5B SAR cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

2.5B SAR cash & investments at current burn rate

Revenue accelerating

Ades Holding grew revenue 36% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
33.5%
Modest — 33.5% gross margin
Profit after running costs
Operating Margin
24.1%
Excellent — 24.1% operating margin
Return on the money invested
ROCE
8.0%
Below par — 8.0% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
+32.2%
Fast-growing sales (+32.2% YoY)
Profit growth
EPS YoY
-0.0%
Earnings shrinking (-0.0% YoY)

Single-digit earnings growth — steady but not exciting.

How steady the profit is
EPS Consistency
5/8 quarters
Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash
Cash Conversion
278%
Turns 278% of profit into real cash
Spare cash per sale
FCF Margin
6.5%
Modest free cash flow (6.5%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns
Debt / Equity
2.98
Heavy debt load (2.98)
Covers its interest
Interest Cover
1.92x
Dangerous — barely covers interest (1.9x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit
P/E Ratio (TTM)
24.8x
Growth-priced — P/E 24.8

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year
P/E vs Forward
+11.8
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (24.8 → 12.9)

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Dividends

Dividend
Dividend Yield
2.24%
Moderate income — 2.24% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record
Dividend Growth
N/A
Data not available

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